Single Touch Payroll (STP) is a new way for small business owners that employ staff to process payroll and report tax and superannuation information back to the Australian Taxation Department (ATO).
The ATO requires small business owners report the following employee information before or on each pay day:
- Salaries, wages, and any other payments made to employees
- Pay as you go (PAYG) withholding
- Superannuation information
Please note that payments made to employers will not change. The only thing changing is how you report this information to the ATO.